“FedEx Corp. announced that it expects to see a material financial impact from the ‘Petya’ cyber attack that crippled the computer systems of its European arm TNT Express, which FedEx acquired in May 2016.

The company made the announcement in its SEC 10K filing.

FedEx said that all of its other computer operations were unaffected by the virus. However, TNT operates from Ukraine which was the hub of the cyber attack.

“Although we cannot currently quantify the amounts, we have experienced loss of revenue due to decreased volumes at TNT and incremental costs associated with the implementation of contingency plans and the remediation of affected systems,” FedEx said Monday.”

Read more details here.

Author: Tony Uwusu